Cinnamic acid is naturally found in cinnamon, honey, and various fruits and vegetables. It is an organic compound commonly used as a flavoring ingredient in fragrances, cosmetics, and food and beverage products due its pleasant fragrance. Cinnamic acid acts as a preservative and flavoring agent while also providing antimicrobial properties.
The global Cinnamic Acid Market is estimated to be valued at US$ 24.33 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing use of plant-based extracts and natural ingredients in food and beverage products along with cosmetics has augmented the demand for cinnamic acid. Shifting consumer preference towards green and sustainable products has also raised the demand for natural preservatives like cinnamic acid. Growing health concerns have compelled manufacturers to reduce the synthetic ingredients in their products, thus driving the demand. In food industry, cinnamic acid is widely used as a flavoring agent and preservative in bakery products, breakfast cereals, jams, beverages and others owing to its antimicrobial properties.
Strength: Cinnamic acid has antimicrobial, anti-inflammatory, antioxidant and anti-aging properties. It protects the skin against sunburn and provides various other skin benefits.
Weakness: Being organic in nature, cinnamic acid production depends on seasonal factors and natural resources. This leads to uneven supply and price fluctuations.
Opportunity: Rising demand for natural and herbal skincare products offers significant opportunities for cinnamic acid market. Its utilization is increasing in fragrance, flavor and food industries.
Threats: Easy availability of synthetic substitutes and fluctuations in raw material prices pose threats to cinnamic acid market.
The global Cinnamic Acid market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from personal care and food & beverage industries.
Asia Pacific dominates the global cinnamic acid market and is expected to continue its dominance over the forecast period. Factors such as wide availability of raw materials, favorable climate conditions and large population propel market growth in the region. China is the largest producer and exporter of cinnamic acid globally.
Key players operating in the Cinnamic Acid market are BASF, Guangzhou Shiny Co. Ltd., BestAroma Biotech, Daurala Organics, Yuancheng Saichuang Technology, Wuhan Organic Material, Omega Ingredients, Elan Chemical Company, DSM, King-Pharm, Kay Fries, Juhua Group, and Bayer ltd. amongst others.